GST 2.0: What the New 3-Tier Tax Structure Means for Your Business
India's GST regime has moved to a simplified structure with most goods and services now falling under 0%, 5%, or 18% slabs, while a 40% rate applies to select luxury and sin goods. The earlier multi-slab system with 12% and 28% rates has largely been phased out. For businesses, this means revisiting product pricing, updating billing software, and reviewing input tax credit calculations to reflect the new rates. MSMEs in particular should reconcile their HSN-wise rate mapping to avoid invoicing errors. If you're unsure how the revised structure affects your sector, our team can help you transition smoothly and stay fully compliant.